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Colchester Sid 10:22 Thu May 19
This West Ham auction - question for any Tax/VAT experts
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Reading the small print, the company running the auctions are saying they will charge both a buyers premium of 16% + VAT on the winning bid but also VAT on the actual winning bid on all items.
So if something sells for £1000 they will lump on £160 buyer's premium, £32 VAT on the premium and £200 VAT on the item sold
I'm no tax expert but that doesn't sound right?
Antiques and magazines/publications are VAT exempt. It's fine to charge VAT on the buyer's premium but isn't it fraudulent to collect VAT on VAT exempt items?
Before you ask - yes, I've emailed them.
In 20 years of buying at auctions I have never seen this before. Typical West Ham to fuck this up.....
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Replies - Newest Posts First ( Show In Chronological Order)
charleyfarley
8:42 Fri May 20
Re: This West Ham auction - question for any Tax/VAT experts
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According to kumb there is a 40% charge on top of the price
It is on their site if you want to check details
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percyd
12:23 Fri May 20
Re: This West Ham auction - question for any Tax/VAT experts
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murf tenerife 10:50 Thu May 19
My reading of the T & Cs (as a potential overseas buyer) is that the auctioneer will charge/collect VAT on items for export. The buyer then has to forward them the paperwork to prove the item has been shipped abroad, at which time the VAT will be refunded.
So, I'm OUT.
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The Stoat
11:06 Thu May 19
Re: This West Ham auction - question for any Tax/VAT experts
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Fuck the Auctions
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murf tenerife
10:50 Thu May 19
Re: This West Ham auction - question for any Tax/VAT experts
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I suppose you can get someone abroad to buy it for you and you wont have to pay the VAT, but i think it may have to get it posted abroad in order to be exempt from paying the VAT
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Johnson
10:32 Thu May 19
Re: This West Ham auction - question for any Tax/VAT experts
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*shakes head*
This can't be right, the board are fans like us, they'd never mug us, take the piss, or engage in scams.
I won't have it.
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SnarestoneIron
10:32 Thu May 19
Re: This West Ham auction - question for any Tax/VAT experts
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Isn't an antique something that is over 100 years old? There can't be a lot in the auction over that age!
Items to be sold at auction within the United Kingdom (UK) and European Union (EU) can be offered under the Auctioneers' Margin Scheme or under normal Value Added Tax (VAT) rules. VAT is potentially payable on the bid (hammer) price of the goods, on the auctioneer's commission in the form of a buyer's premium and on any charges relating to the goods (import, valuation, collection, storage, packaging, delivery etc.).
For full details of the Auctioneers' Margin Scheme please refer to VAT notice 718. Normal VAT rules are detailed in VAT notice 700. Both documents can be obtained from Her Majesty's Revenue and Customs (HMRC) at www.hmrc.gov.uk/VAT/index.htm
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